The Nikkei average retreated as a slowdown in technology stocks weighed on the market, while Hokkaido Electric Power raised its ordinary profit forecast. Nidec, meanwhile, plunged following reports that its president had been dismissed.
The Nikkei average retreated for the first time in 6 days, with losses widening toward the close. Factors behind the move included the previous day's trading in the US market, trends in long-term interest rates and a pause in the rise in crude oil prices.
Hokkaido Electric Power raised its ordinary profit forecast for the fiscal year ending March 2027 from the previous ¥30 billion to ¥46 billion. The company said that rising fuel costs and a review of wheeling charges were also affecting electricity retail tariffs.
Nidec was reported to have passed a resolution dismissing its president at an extraordinary board meeting, heightening market uncertainty over the outlook for its reconstruction. It was also reported that the company plans to make impairment adjustments on a scale of ¥1 trillion in response to accounting irregularities.
The article does not include specific forecasts for future movements in the Nikkei average or individual stocks, and is limited to company announcements and reported developments.